Utah ranked 7th in nation for GDP growth

By Joey Ferguson

SALT LAKE CITY — Utah has the seventh fastest growing economy in the U.S. according to Department of Commerce data.

The state recorded 3.4 percent of real gross domestic product growth in 2012, the department’s Bureau of Economic Analysis reported. North Dakota was the fastest growing state with 13.4 percent increase followed by Texas with 4.8 percent growth. Connecticut GDP, which had the lowest U.S. ranking, decreased 0.1 percent. Utah is also 11th in employment growth.

Unemployment in Utah is currently 4.7 percent while the nation’s jobless rate is 7.5 percent, according to the Utah Department of Workforce Services. Nonfarm job growth in Utah reached 3.5 percent since last year.

The state placed within the top 10 of 18 different categories, including high-tech share of all businesses, business birth rate and small business lending.

“Retention and growth of a highly skilled talent pool is a crucial factor in sustaining Utah as a high-tech center,” the Foundation said in its report. “Utah is increasingly becoming one of the nation’s high-tech centers.”

Utah ranked second in the Chamber’s report in both short- and long-term growth, trailing behind North Dakota.